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Popular Word Problems >

Deondra is going to invest in an account paying an interest rate of 4.7% compounded continuously. How much would Deondra need to invest, to the nearest hundred dollars, for the value of the account to reach 30,000 in 10 years?

Solution

Deo n d r a i s g o in g t o in v es t in an a cco u n t p a y in g an in t eres t r a t e o f 4.7% co m p o u n d e d co n t in u o u s l y . Ho w m u c h w o u l d Deo n d r a n ee d t o in v es t, t o t h e n e a res t h u n d re d d o ll a rs, f or t h e v a l u e o f t h e a cco u n t t o re a c h 30, 000 in 10 ye a rs ?

Solution

Principal : 18750.07

Solution steps

Translate the problem into an equation:

30000 = P e^{0.047 \cdot 10}

Solve for

P, 30000 = P e^{0.047 \cdot 10} : P = 18750.07

Principal : 18750.07

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